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Companies: OPM, AOR, APC, BMS, DMTR, ESC, EUSP, FDM, FA/, GMD, GETB, GVC, CRPR, K3C, LSAI, MGP, PCF, RBG, SEE, SBIZ, SNX, TCN, W7L, WATR
Aortech | APC Technology | Braemar Shipping | James Cropper | Deepmatter | Escape Hunt | EU Supply | FDM | Fireangel Safety Technology | GetBusy | Location Sciences | Private & Commercial Finance | Synectics | Tricorn | Warpaint
"Here we go again – the company reporting season is gathering pace. The MPC is likely to leave rates unchanged although expectations still remain for an increase next year. The UK economy expanded at a faster pace in July helped by the weather and better retail sales. General sentiment continues to be impacted by tariff concerns, combined with Brexit uncertainty. As Table 1 shows, all major indices have fallen over the last month. In Share News & Views, we comment on AorTech*, Bonhill*, DeepMatter*, EU Supply* James Fisher, Haynes, Hunting , Location Sciences*, Marshall Motor and Synectics*..."
Seeing Machines (SEE)
"Seeing Machines has announced that it has launched a retrofit driver monitoring system for autonomous vehicles called the Guardian Backup-driver Monitoring System (Guardian BdMS). The system is designed to ensure that the backup-driver in a self-driving research vehicle is alert, aware and ready to take control of the driving task whenever necessary..."
Revolution Bars Group (RBG)
"After the close on Friday, RBG clarified media speculation that it is in the very preliminary stages of examining a possible acquisition of its key competitor, The Deltic Group (Deltic), further clarifying that is in very early discussions with Deltic about such a combination. The two companies know each other well and were engaged in similar discussions in the second half of 2017, but this does not make a tie-up a certainty. Furthermore, it is difficult to second-guess what the terms..."
"Group revenues rose 13.7% to £24.2m (1H17: £21.3m; 2H17 £22.8m); excluding the £1.8m from the Landmark acquisition and the £0.8m fall in EB software revenue from £3.3m to £2.5m following the re-platforming at Zest, underlying organic revenue grew by 10.6% to £19.9m..."
"Today's results evidence the successful culmination of the buy and build strategy, which has seen a doubling of the business in lending, revenue and profit terms over FY16-18A. Despite material dilution this year, 1pm has also delivered a rise in adj EPS in FY18, highlighting the earnings accretive nature of the acquisitions. We expect this trend to continue and accelerate over the next two years, with earnings increasingly distributed with shareholders under the recently enhanced dividend policy..."
K3 Capital Group (K3C)
"Revenue and EBITDA both ahead of our expectations, resulting in an upgrade to our estimates and price target, which we increase to 375p. This price represents a P/E FY1 of 28x and reflects the company’s market-leading position, conservative management expectations for revenue growth and the company’s innovative use of technology to drive leads. It is also in line with similar ‘exchange’ business models that deliver high EBITDA margins and elevated ROE. K3 Capital continues to move up the deal value chain and now has the ability to potentially increase revenues further through its FCA regulated KBS Capital Markets business..."
Water Intelligence (WATR)
"Water Intelligence has reported another strong set of results providing further evidence of the scale of the opportunity and ability of management to execute. H1 sales increased +39% on last year and adj. EPS +38%. The group is building a scaleable, technology-backed distribution platform for water solutions in a range of international markets. With the focus on reducing water leakage continuing globally, we see the recent share price weakness as an opportunity..."
Medica Group (MGP)
"Medica is the UK market leader in teleradiology, providing outsourced image analysis and reporting services to the NHS and private sector. It is benefitting from structural growth in demand for complex medical images and an NHS struggling to manage workflows efficiently. We view the current share price weakness as being temporary and offering a strong buying opportunity..."
Game Digital (GMD)
"Even as Game Digital (GMD) faces short-term trading pressure, its developing BELONG gaming arena concept is arguably part of the answer of what to do with the UK’s high streets and shopping centres. The first BELONG sites under the February 2018 agreement with Sports Direct are now opening. With GMD’s share price still less than net cash of 32p, neither the existing business, which currently contributes £10m of EBITDA, nor BELONG which we value at 23p, are attributed any value by the market. Our total valuation is 75p..."
"GVC released a positive set of H1 results, marked by the strong performance of both EU Retail and Online (sports and gaming). The group’s underlying EBITDA was up 11%, broadly in line with our estimates while the current trading remains strong. The group’s appetite for further bolt-on acquisitions – similar to that of CrystalBet in Georgia – seems intact. Todays’ results confirm that GVC remains one of our top picks in the gambling sector, along with Paddy Power-Betfair..."
"A Solid 1H18 from GVC, Football WC18 helped boost margins & volumes. 1H18 Online NGR +20% YoY (led by sports +21%, gaming +19%), resulting in market share gains in key territories. UK retail NGR -3% as reported in previous trading update, Europe retail continues double digit growth NGR +26% (Italy strong). 1H18 proforma group NGR +8% YoY to £1.7bn and proforma EBITDA +11% to £350m; interim divi of 16p (+10%), ex-div 20 September. Further £30m of Capex synergies identified in addition to £130m. 3Q18 update due in October..."